05/31/2026
End of Week Precious Metals Overview – May 29, 2026
Gold slipped to two-month lows ($4366.00/$71.80) during Asian trading hours Thursday on signals of a temporary ceasefire between the U.S. Iran. However, prices recovered sharply after several events on later in the day on Thursday and Friday. The temporary breakdown of ceasefire negotiations between the U.S. and Iran, economic data indicating a possible U.S. economic slowdown, and an economic PCE report with implications that expected inflation based upon higher oil prices may not be passing through to consumer prices as analysts had expected. Gold settled the holiday shortened week at $4538.25, climbing by $29.75. Silver declined $0.25 with a close of $75.15.
Optimism on a potential ceasefire between the U.S. and Iran dominated the markets as the week opened. That optimism faded as negotiations dragged on and military violations increased, moving this event forward for yet another week. Thursday’s GDP (second revision) release was reduced to +1.6% from the previous +2.0%. Finally, the PCE data (a key inflation gauge for the FOMC) showed that while year-over-year prices increased an expected 3.8%, the core data only rose by 3.3% (cons. 3.3%). This has reopened the idea that the Fed may have the ability to cut interest rates should the economy slow down enough to require it as, thus far, core inflation remains under control. We shall see.
For the record, the high in gold was on Friday ($4595.00), while silver rose to $78.20 on Sunday/Monday during the U.S. holiday.
Equities had another positive week on cautious optimism about the Middle East and the likely decline in Treasury yields. The DJIA and NASDAQ climbed by 0.90% and 2.39%, respectively, both closing at record levels.
Oil prices slipped by 9.53% on cross-your-fingers optimism, while the U.S. dollar fell by 0.31% on the notion of lower interest rates.
Michael Mikolay
United Precious Metal Refining, Inc.